Leases

12 Months Ended

Dec. 31, 2021

7. LEASES

The Company recognized $30.6 million, $32.8 million and $35.6 million of operating lease expenses for the years ended December 31, 2021, 2020 and 2019, respectively. The amounts associated with variable lease costs, short-term lease costs and sublease income were not material for any of the years ended December 31, 2021, 2020 and 2019.

The Company’s leases have remaining lease terms of up to approximately 11 years. Some of these leases have options to extend which, if exercised, would extend the maximum term to approximately 25 years. Some of the leases also provide for early termination, the exercise of which would shorten the term of those leases by up to 5 years.

The Company recorded pre-tax impairment charges for the year ended December 31, 2021 of $8.4 million associated with right of use assets. The impairment charges are included in General and administrative expenses within the consolidated statements of income.

Future minimum commitments for the Company’s operating leases in place as of December 31, 2021, the interest and other relevant line items in the Consolidated Statement of Financial Condition are as follows:

Maturity of Lease Liabilities	Operating
(in thousands)	Leases
2022	$	28,271
2023		29,427
2024		23,924
2025		22,717
2026		20,447
Thereafter		73,539
Total lease payments	$	198,325
Less: Interest		(24,972	)
Present value of lease liabilities	$	173,353

Other accrued liabilities	$	23,324
Long-term operating lease liabilities	$	150,029

The following table presents the lease term and discount rate for the Company’s operating leases in place as of the periods indicated:

	As of
	December 31,			December 31,
Lease Term and Discount Rate	2021			2020
Weighted-average remaining lease term (years)		8.16			8.93
Weighted-average discount rate		3.09	%		3.34	%

The following table presents other information for the Company’s operating leases in place for the periods indicated:

	Years Ended
Other Information	December 31,		December 31,		December 31,
(in thousands)	2021		2020		2019
Operating cash flows used for operating leases	$	30,972	$	30,061	$	29,886
Right of use assets obtained in exchange for new operating lease liabilities	$	26,004	$	11,472	$	210,784